In a recent tweet, entrepreneur and crypto investor APompliano, shared some interesting data from Glassnode regarding the movement of Bitcoin in circulation. According to the data, more than 1 out of every 2 Bitcoin in circulation has not moved in the last 2 years. It marks a new all-time high of 53% today.
According to Anthony Pompliano, almost 29% of all Bitcoin in circulation has remained stationary for the past 5 years. It represents a market valuation that has been static for half a decade of over $150 billion. Furthermore, according to data from Glassnode, he noted that less than 15% of all BTC in circulation had not changed hands in ten years.
What implications does this data have for cryptocurrency? A few individuals in the community shared their thoughts, and some proposed that the Bitcoins that have remained dormant for an extended period may have been misplaced or abandoned. Alternatively, some believe that the owners of these digital coins could be holding out for an opportune moment to cash out.
APompliano disagreed with the suggestions, saying that although some individuals may be waiting for the breakeven price, he believes that the majority of the 53% are not.
During a community discussion, a member brought up the topic of how the data reflects Bitcoin’s status as a currency. Some participants expressed their opinion that Bitcoin cannot be considered a currency and never will be, while others viewed the data as an encouraging indication of the resolute holding tendencies of Bitcoin investors.
Nevertheless, the data from Glassnode suggests that a significant portion of BTC in circulation is being held onto for the long term, indicating a strong belief in the digital asset’s value. However, the reasons behind this holding behavior remain debated among the cryptocurrency community.
Bitcoin Price Analysis
The value of Bitcoin has been steadily increasing. According to CoinMarketCap’s data, it is currently trading at $29,261.48, and daily and weekly charts indicate a positive trend.
Over the past 24 hours, BTC’s price has increased by approximately 3.09%, and the weekly chart shows a notable gain of 6%. Additionally, its 24-hour trading volume has increased by around 60%, adding to the optimistic trend.
BTC’s market capitalization has also risen by nearly 2.90%, indicating increased demand for cryptocurrency. These developments suggest a favorable market outlook for Bitcoin, potentially attracting more investors soon.
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